Blockchains For The HealthCare Industry

Blockchains has become the hottest topic in the Fintech world with a host of large companies already in the process of adopting this technology and taking in mainstream. But blockchains have yet to catch up in the Healthcare industry which have great potential applications of use. The industry should focus on creating an ecosystem with standards and a comprehensive framework for future large scale implementation across the entire healthcare industry. While doing so, we shouldn't overestimate the applicability of blockchains and set realistic goals independent of the current hype cycle. The HyperLedger Foundation, is an open source collaboration effort to create cross-platform blockchain technology, are the leading consortia working in that regard. They are tackling certain key issues within the healthcare industry, which include:

1. Healthcare Data Exchange: The sharing of healthcare data is one the most talked about applications of blockchains in this domain. Data could be transferred in real time across healthcare facilities around the world in a fast and secure matter, ensuring there is no compromise in data leakage. This will reduce the burden of data reconciliation and costs associated with this transfer.

2. Cost Management and OverBilling: It is reported that an estimated 7-10% of all healthcare costs are illicit, which result from overbilling or making customers pay for services which they never received. This is one stronghold of blockchain based technologies which are inherently decentralized as such frauds cannot be made to occur as the entire billing procedure could be truly automated and enforced using smart contracts eliminating middle-men altogether. Blockchains also ease the burdens of management of task, employees etc. This would reduce costs significantly in a concise and efficient manner.

3. Fake Drug Supply: Every year there are reports that talk about the massive amount of fake pharmaceutical drugs that are in supply, in the range of 25-30% of the total supply. A majority of these fake drugs are shipped to developing countries. A blockchain-based system could have a log that tracks the process in each step of the supply chain at various sub-levels. Different layers of security add-on functionalities like private keys and smart contracts could help build in proof of ownership and be made responsible for any mishaps on their part. Fake Drugs are not just a financial or management issue for biopharma companies, but also a major health issue with millions of people dieing because of it.

4. Clinical Trails of Drugs: A large majority of clinical trials are either said to be unreported or contain false or leftover information that doesn't truly represent the results of the experiment. There are reports of forgery and misrepresentation of information to pass drugs into the market despite having serious side-effects. Blockchains based time stamped records could be the perfect solution to end corruption of clinical trials with protocols that address the issues of data interference and survivorship bias.

The Healthcare Industry needs blockchains not only make it more efficient, but to solve critical fundamental issues thats holding its progress.